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Monetary Transmission in the Euro Area: A Factor Model Approach

Sala, Luca - EconWPA - 2002

This paper studies the transmission of common monetary shocks across European countries by using a dynamic factor model (Forni-Reichlin (1998)). This technique allows to extract the common European monetary shock and to compute country-specific responses. Our identification employs rotations of...

Persistent link: https://www.econbiz.de/10005076808

Are Europe Interest Rates led by FED's Announcements?

Monticini; Vaciago - EconWPA - 2004

This paper investigates the degree and nature of economic and monetary policy relations among the United States, the euro area, and the British area. Using daily interest rates, we estimate the impact of monetary policy announcements of a Central Bank on its domestic market and in what measure...

Persistent link: https://www.econbiz.de/10005126296

Inside the Impossible Triangle: Monetary Policy Autonomy in a Credible Target Zone

Jansen, W. Jos - EconWPA - 2003

This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded...

Persistent link: https://www.econbiz.de/10005126320

Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union

Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10005126325

Are Europe's Interest Rates led by FED Announcements?

Monticini, Andrea; Vaciago, Giacomo - EconWPA - 2005

This paper investigates the degree and nature of economic and monetary policy relations among the United States, the Euro area, and Great Britain. Using daily interest rates, we estimate the impact of monetary policy announcements of a Central Bank on its domestic market and in what measure...

Persistent link: https://www.econbiz.de/10005412842

An Investigation of the Gains from Commitment in Monetary Policy

Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003

degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …

Persistent link: https://www.econbiz.de/10005076809

Labour market flexibility and policy coordination in a monetary union

Rantala, Anssi - EconWPA - 2004

Sufficiently flexible labour markets are considered an important precondition for countries to benefit from membership in the monetary union. Economic policy coordination within the European Community is extensive and includes issues related to labour market structures. In this paper we study...

Persistent link: https://www.econbiz.de/10005412650

Money Rules For The Eurozone Candidate Countries

Orlowski, Lucjan T - EconWPA - 2005

This study proposes the adoption of money growth rules as indicator variables of monetary policies by the countries converging to a common currency system, in particular, by the eurozone candidate countries. The analytical framework assumes an inflation target as the ultimate policy goal. The...

Persistent link: https://www.econbiz.de/10005076831

Monetary Convergence of the EU Candidates to the Euro: A Theoretical Framework and Policy Implications

Orlowski, Lucjan T - EconWPA - 2005

A flexible approach to direct inflation targeting is a viable monetary policy choice for transition economies that is believed to facilitate both the economic transition and the monetary convergence to the euro. Following this assumption, an analytical model investigating the link between the...

Persistent link: https://www.econbiz.de/10005076837

Monetary Convergence And Risk Premiums In The EU Candidate Countries

Orlowski, Lucjan T - EconWPA - 2005

This study examines the link between various monetary policy regimes and the ability to manage inflation and exchange rate risk premiums in the EU candidate countries as they undergo monetary convergence to the eurozone. The underlying hypothesis is that a system of 'flexible inflation...

Persistent link: https://www.econbiz.de/10005126179

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